ADNOC Shifts Offshore Crudes to Dubai Benchmark as Oil Slips to $70

Oil prices have collapsed to around $70 per barrel after U.S.-Iran talks eased geopolitical risks and tanker traffic through the Strait of Hormuz recovered. ADNOC responded by rewriting pricing formulas for Upper Zakum, Das, and Umm Lulu grades, switching from Murban-linked to the Dubai benchmark to improve competitiveness amid ample Gulf supply and aggressive producer discounting. The move targets Asian refiners in Japan, South Korea, and India who now hold greater leverage, while OPEC+ simultaneously approved another 188,000 bpd output increase from August.